To address the increasing demand of aluminium in power sectors, particularly in power transmission, the National Aluminium Company limited (Nalco) has planned to set up an “alloy wire rod” manufacturing facility at its smelter plant at Angul.
Ministry of Mines Secretary Anil Mukim on Thursday laid the foundation stone for the proposed manufacturing facility through videoconferencing at the Nalco Corporate Office here in the presence of Nalco CMD Dr Tapan Kumar Chand.
The proposed alloy wire rod unit would be set up at a cost of about Rs131 crore and would have an installed capacity of 40,000 TPY (alloy grade)/60 000 TPY (EC grade). The project would be completed by 2019-end.
Congratulating the Nalco for its stupendous performance in the first quarter declared on Wednesday, Mukim said, “The Nalco has become the pride of India in non-ferrous sector and the cost focus of management has made the company recognised as the lowest cost producer of alumina in the world.”
The Nalco has clocked a PAT (profit after tax) of Rs 687 crore in the first quarter, registering a growth of 167 per cent over Rs 257 crore in Q4 of the previous year.
As compared to the corresponding quarter of last year, the growth in net profit has jumped by a whopping 433 per cent from Rs129 crore to Rs 687 crore.
Similarly, the company has recorded an increase of 10.74 per cent and 8.85 per cent in alumina and aluminium production, respectively, in the first quarter of FY 2018-19.
Speaking on the occasion, the CMD said the per capita aluminium consumption in India is only 2.2kg against world average of 7 kg and China’s 20 kg. India, as fastest growing economy in the world, is set to witness a quantum jump in aluminium consumption in next two to three years.
“Besides, various initiatives of the Union Government like Smart cities, bullet trains, power to every household, energy efficient automobile and aluminium wagons would further give boost to consumption of aluminium in the country from existing level of 3.2 million tonne per annum to 8 million tonne per annum,” said Chand.